Results 3,061-3,080 of 4,414 for speaker:Sean Barrett
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Sean Barrett: It's the second line in the last paragraph, "Bank of Ireland remains comfortable with the exposure in this category."
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Sean Barrett: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Sean Barrett: I will indeed, thank you, Chairman. "Bank of Ireland remains comfortable with the exposure in this category." And it's the second line going into the third line in the last paragraph on that page 67. It's a letter to Mrs. Burke from the Bank of Ireland.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Sean Barrett: But was it your job to challenge them? That's-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Sean Barrett: But, you know, as of that time they were comfortable even though you told them to comply. Was it appropriate that the financial institutions in the domestic market were regulated the same as those in the IFSC? And could you tell us your experience in your regulation in the IFSC?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Sean Barrett: Well did that rebound on Ireland afterwards because I think there's stories that two German banks, Depfa and Sachsen Landesbank, lost more and cost the German economy more even than the €64 billion here. I think €80 billion between those two. Did you come across them in your auditing?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Sean Barrett: But why were the results so horrible?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Sean Barrett: Thank you, Chairman, and just as a final one. Could I direct you to page 53 on Vol. 1, if I may?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Sean Barrett: Now this one on Vol. 1 says, "Report of the Implementation Advisory Group on the establishment of a Single Regulatory Authority." And it's dated 24 June 1999.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Sean Barrett: Now, what ... when it was proposed that regulations were to be done ... completely separately, it has, it's come up on the screen. Thank you, Chairman. When it was proposed that regulations should be done completely separately, it was very strongly resisted by the Central Bank who say in the last paragraph there, if we had it separate ... and you would be, if you like, as the first...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Sean Barrett: It is indeed. This was not to have Mr. Neary completely separately from the Central bank, to include him in, and the case all these evils would result.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Sean Barrett: Thank you, Mr. Neary, and thank you, Chairman, for your forbearance.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Sean Barrett: Thank you, Chairman, and welcome back, Mr. Neary. The contrarians that you were describing to the Chairman there a while ago, what were they contrary about and where were they contrarian?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Sean Barrett: But these ... I understood the Chairman ... was contrarians internal to the Financial Regulator and internal in the Central Bank. Was that the group you were describing to the Chairman?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Sean Barrett: I wish to re-enter the Chairman's question about the internal contrarians. Yes, thank you.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Sean Barrett: Were there contrarians at the board level?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Sean Barrett: Thank you. Now, Vol. 1, if I may bring you to page 118. Thank you.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Sean Barrett: These are minutes of meetings and ... the particular one: "An IFSRA update for the CBFSAI Board [on the] ... in May 2004 indicated that property Lending [at] (61%) and Development Lending (16%) were the main concentrations in the portfolio of Bank A. An internal sectoral limited of 20% was mentioned" and then it goes on that the, "Minutes of [the] ... Meeting the following month indicate...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Sean Barrett: That's the one, yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Sean Barrett: And did the 77% go back to 20%?